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复兴亚洲(00274) - 2024 - 年度业绩
RA SILK ROADRA SILK ROAD(HK:00274)2024-07-26 08:31

Financial Performance - For the fifteen months ending March 31, 2024, the company reported a loss from continuing operations of approximately HKD 91,436,000, compared to a loss of HKD 62,151,000 for the previous period [3]. - Revenue from continuing operations was HKD 374,146,000, a significant increase from HKD 207,435,000 in the previous year, representing an increase of approximately 80.4% [13]. - The gross profit for the period was HKD 30,896,000, down from HKD 70,092,000, indicating a decline of approximately 56% [13]. - The company recorded a total comprehensive expense of HKD 93,939,000 for the year, compared to HKD 85,296,000 in the previous year, reflecting an increase of approximately 10.3% [18]. - The basic loss per share from continuing and discontinued operations was HKD 14.29, compared to HKD 12.75 in the previous year, indicating a deterioration in performance [27]. - The group reported a loss for the year after deducting approximately HKD 57,231,000 in prepaid expenses related to the purchase of non-ferrous metals and HKD 54,073,000 for agricultural products, which were confirmed as cost of sales [38]. - The group reported a loss of approximately HKD 91,400,000, an increase of about 47.7% compared to a loss of approximately HKD 61,900,000 in the same period last year [116]. Assets and Liabilities - The net current liabilities as of March 31, 2024, were approximately HKD 140,808,000, showing an improvement from HKD 323,519,000 in the previous year [30]. - The group's total liabilities decreased from HKD 315,763,000 as of December 31, 2022, to HKD 186,889,000 as of March 31, 2024 [52]. - As of March 31, 2024, the company's mining revenue was approximately HKD 142,500,000, with a loss of about HKD 61,400,000 due to high mining costs and limited mineral reserves [87]. - Trade receivables as of March 31, 2024, amounted to HKD 17,760,000, with a provision for losses of HKD 4,537,000, compared to HKD 14,578,000 and HKD 6,113,000 respectively as of December 31, 2022 [70]. - The group’s borrowings and convertible bonds amounted to approximately HKD 186,900,000 and HKD 2,400,000, respectively, compared to HKD 315,800,000 and zero as of December 31, 2022 [152]. - The net current liabilities recorded as of March 31, 2024, were approximately HKD 140,800,000, a decrease from HKD 323,500,000 as of December 31, 2022 [152]. Share Issuance and Capital Structure - The company completed a share issuance of 800,000,000 shares at a subscription price of HKD 0.028 per share, raising approximately HKD 22,200,000 in net proceeds [33]. - The group issued 236,716,397 new shares at a net issue price of approximately HKD 0.105 per share, completed on July 6, 2023 [54]. - The company plans to issue 294,318,174 shares at a subscription price of HKD 0.109 per share, completed on August 31, 2023 [78]. - The company’s non-controlling interest in a subsidiary was diluted from 51.0% to approximately 41.0% due to a capital increase from USD 29,700,000 to about USD 36,900,000 [79]. Operational Developments - The company completed the acquisition of a target company on July 1, 2023, which primarily engages in the exploration, mining, and sale of gold, silver, aluminum, and zinc [58]. - The acquisition was aimed at leveraging the group's past mining experience in China to achieve synergies [59]. - The group has suspended its coal trading business and has commenced agricultural product trading in China since Q1 2023, anticipating continuous revenue growth from this segment [90][91]. - The acquisition of a 51% stake in Huafeng Mining Co., Ltd. is expected to enhance the group's mineral portfolio and is projected to start production in 2025 [113]. - The company is currently focusing on integrating its gold mining operations to enhance production and sales, while implementing cost-saving measures to improve cash flow and financial condition [195]. Employee and Operational Costs - Employee costs increased to HKD 19,950,000 from HKD 14,575,000, with retirement benefit contributions rising to HKD 2,223,000 from HKD 1,470,000 [40]. - The group employed 522 employees as of March 31, 2024, an increase from 486 employees as of December 31, 2022 [135]. Future Outlook and Strategic Initiatives - The group is optimistic about the future prospects of its mining and trading business, expecting stable growth in the coming years [104]. - The company anticipates poor future performance if high mining costs persist, impacting overall profitability [87]. - The group is actively seeking new business investment opportunities to expand revenue sources and create greater value for shareholders [122]. - The economic outlook for 2024 remains uncertain, with multiple macroeconomic pressures including geopolitical uncertainty and inflation expected to persist [127]. - The group aims to enhance its operational efficiency and expand mineral resources to broaden its revenue base and improve future financial performance [150]. Risk Management and Compliance - The board and audit committee confirmed their responsibility for monitoring the group's risk management and internal control systems, conducting annual reviews of their effectiveness [176]. - The group adopted a three lines of defense model to identify, assess, and manage various types of risks associated with its business activities [177]. - The internal control review report has been submitted to and approved by the board and audit committee, with measures taken to address identified weaknesses [164]. - The group has faced operational risks due to various human and natural disaster factors, which are being assessed by an independent safety evaluation company [123]. Legal and Regulatory Matters - The company is seeking legal advice regarding a lawsuit and aims to negotiate a resolution with the plaintiff [65]. - The company announced a delay in the release of its annual results for the fifteen months ending March 31, 2024, and a potential suspension of trading [181]. - Trading of the company's shares was suspended on July 2, 2024, at 9:00 AM [182]. - The company has applied to the Stock Exchange for the resumption of trading of its shares effective July 29, 2024 [167]. Environmental and Social Responsibility - The group has implemented measures to promote environmental sustainability and reduce operational impacts on the environment [125]. - The group recognizes employees as valuable assets and aims to attract and retain suitable candidates through competitive compensation and training programs [126].